Standard Bank agrees to 9.5% overdraft interest, charges 23.6%!

<p>In April I needed a temporary overdraft facility, and went into the Kromboom branch to arrange it. I have a form signed by the bank agreeing to 9.5% (prime -1), dated 7 April. When I checked my statement I saw they are charging me 23.6%. I phoned my branch and asked to see the manager, Ms Adams. I went in and explained the problem. Ms Adams seemed unimpressed, and slightly anoyed at my demand to see her, and said I must log a query with a consultant. Ms Adams refused to say if this was a mistake, or if it would be rectified, or how it would be rectified, despite me presenting the original signed paperwork sowing 9.5%, and my statements showing 23.6%.</p> <p> </p> <p>I duly logged a query, and was given a reference number ***), and promised an answer within a week. A week later (26 May) I received an SMS saying the query was still in progress. </p> <p> </p> <p>On 25 May I was again debited with a 23.6% interest charge.</p> <p> </p> <p>On June 8 I called the help line, and asked what was going on. A gentleman by the name of Fawaaz said he would escalate the issue and ask that they call me by the end of the day. It is now 9pm and I have not received a call nor any message.</p> <p> </p> <p>I told a few friends about this, and one of them checked their own account and found they were also being charged about 23% on their overdraft, despite having an agreement for a much lower overdraft interest rate.</p> <p> </p> <p>If two people in my small group of friends have this problem, I wonder how many thousands of South Africans are being charged 23% interest by Standard Bank on their overdrafts, in contravention of their agreements? This may be a very very lucrative 'mistake' that Standard Bank is making!</p> <p> </p> <p>If I had received a sympathetic ear from the manager, and a promise to correct it, that would have been the end of it for me. If this kind of blatant mistake was brought to the attention of for example a retail company, I imagine I would have received an apology, immediate rectification and a 'money where our mouth is' response such as a gift voucher to make up for the inconvenience.</p> <p> </p> <p>With Standard Bank, I have had to waste hours on the phone and visiting the branch, and the issue has still not been addressed to date, and they continue to over charge me in contrvention of our written agreement.</p> <p> </p> <p>Incidentally, just trying to call my branch was quite a nightmare, as you have to phone a central number, from where I was put through to a line at the Kromboom branch that no-one answered, and eventaully hung up on me.</p>